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Supply Business Studies

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by

Seeger McLeay

on 27 March 2013

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Transcript of Supply Business Studies

Supply As the price of a good or services increases, the quantity supplied increases, ceteris paribus. And vice versa. Productive Sectors Primary sector: extracting or harvesting of natural resources. eg. agriculture, forestry, mining, energy.

Secondary Sector: manufacturing. eg. construction, electronics, food processing, plastics.
Vocabulary of the day Supply Schedule A firm will supply less of a good or service at lower prices because insufficient revenue means the firm can not cover the costs of production or reduced revenue means the firm decides to use resources in another way.

Similarly, a firm will supply more as the price increases because they are more profitable. Brainstorming Video Law of Supply Sketches Can you name a few suppliers? 'Firm' - A business organisation, such as a corporation, limited liability company or partnership. Why is the law of supply is opposite to the law of demand? What is a supply? It's the amount of a good or
service a firm is willing and
able to supply at various
prices. Business Structure Sole Trader Partnership Company Just one owner.
Unlimited liability: the owner's personal assets may have to be sold to repay debts.
Profits are kept by owner. Owner Employees Has two or more owners (partners)
Unlimited liability: partners' personal assets may have to be sold to repay debts.
Profits shared between partners Partner
Partner Employees has one or more owners
Limited Liability (Ltd): shareholders' liability limited to the money paid for shares. Personal assets protected. Shareholders Directors General
Manager Production
Manager Sales Manager Finance Manager Tertiary Sector: providing services. eg. retail stores, transport,
accounting, communications.
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